Vincent Ash

CHE Commission Meeting, November 10

Regional Economic Acceleration &

Development Initiative

INDIANA ECONOMIC DEVELOPMENT CORPORATION

2019 IDC2021 IEDC

Since 2016, Indiana has seen consecutive years of population growth driven through net positive migration. Coming out of the pandemic, there is a significant opportunity for states like Indiana to capitalize on individual and corporate decisions to relocate to lower-cost, less dense areas that still offer a high quality live and work environment.

SUMMARY

Accelerate Indiana’s population growth through

increased domestic and international migration

by supporting the implementation of regional

economic development strategies focused on

making Indiana cities and towns magnets

for talent.

To achieve this objective, the state will invest in

financial partnerships with regions across the

state that demonstrate the potential to attract

people and accelerate the state’s economic growth.

2021 IEDC

READI

OBJECTIVE

2019 IDC2021 IEDC2021 IEDC

READI

Invest in quality of place and talent initiatives included in regional development plans► Award funding for projects in each region that are included in a region’s plan.► IEDC will expect its $500 million investment to be matched by the private sector and local

community.• At least 80% of the investment must come from private or local sources.• Not more than 20% of the investment in the plan can originate from state funds. • A majority of the investment in the plan should come from private sources.

Program Structure ► Regions self-identify but are not limited to cities or towns in a county. ► Plans should be developed by a broad group of stakeholders within a self-identified region

that must include the region’s major employers or anchor institutions.► The plan should clearly identify the region's vision for the future and outline its shared

identity.► Regional talent and quality of place strategies should be data-driven and tied to measurable

outcomes.► Award to regions based on regional plan at a level up to the maximum award per region.► Sustainability.

2019 IDC

►Accelerate the pace of population growth through net-domestic and international migration

• Create communities that are national benchmarks for quality;

• Enhance the state’s entrepreneurial ecosystem;

• Increase the number of high-quality job opportunities that are prepared to weather shifting industry trends;

• Increase the share of individuals with the skills necessary for jobs that will be created over the next 5-10 years.

2021 IEDC

READI

►Anchor Institutions Involvement

►Measuring the Initiative’s Success:

• Increased per capita income at a rate that meets or exceeds the national average;

• Increased share of population of prime working age;

• Increased rate of educational attainment;

• Increased property values statewide;

• Improved health outcomes.

2019 IDC

► If there is an RDA, presumption is the RDA will be the applicant

• This doesn’t mean the RDA is the only stakeholder that develops the plan, but the RDA will be responsible for implementation.

• A region that covers all or a portion of the same area as an RDA may apply through a qualified non-profit organization in place of the RDA with the approval of the IEDC.

• A region that covers similar areas as an RDA or multiple RDAs may apply as a separate applicant with the approval of the IEDC.

• Regions are comprised of contiguous cities, towns and counties within a defined labor shed.

► If a region does not have an RDA, the region may apply through a new or existing non-profit organization

• Led by private sector/philanthropic entities, elected officials may be engaged but not in a controlling capacity.

• Exception: elected officials can, like an RDA, select or replace board members through consensus of the partnering communities.

2021 IEDC

READI

NEXT LEVELBusiness

2021 IEDC

PROJECT IDEAS

Quality of Life/Quality of Place Initiatives ► Construction projects including workforce housing,

community amenities and infrastructure► Cultural facilities, community spaces, and other civic initiatives

Innovation & Entrepreneurship Initiatives► Industry-driven, public-private partnerships focused on R&D,

commercialization and technology adoption► Projects or initiatives to promote digital literacy and

adoption by Indiana employers► Equipment (hardware or software) for training, research or production

Talent Development and Attraction Initiatives► Skilled trades and workforce training partnerships or facilities.► Cybersecurity and coding programs► Equipment (hardware or software) for workforce development

programs

READI

2019 IDC

READI

17 regions representing 92 counties, submitted Regional Development Plans

► Together, these proposals, which aim to accelerate small- and large-scale growth within their communities, total more than $1 billion in requested funding; the READI budget is $500 million.

►All plans can be found online.

► The seven-member Review Committee are reviewing the plans and Regional presentations will be completed in early November.

►Committee members list can be found on the IEDC website.

► In December, first round of investment decisions will be made and announced following IEDC board meeting.

2021 IEDC

TAKE YOUR REGIONTO THE NEXT LEVEL

INDIANA ECONOMIC DEVELOPMENT CORPORATION

Vincent Ash

CHE Commission Meeting, November 10